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According to candidates vying for seats on the board of the Financial Industry Regulatory Authority Inc. (Finra), an unfair system is hindering small brokerages.

The seven candidates, all from small firms, are competing for three board seats that are specifically designated for members of smaller firms.

Almost all of the candidates noted that small firms are treated unfairly by the regulator.

According to Mari Buechner,chief executive at Coordinated Capital Securities Inc. and a nominating committee candidate, smaller broker/dealers are hurt by rules that are "clearly designed for large wirehouse firms."

In addition, nominating candidate Lisa Roth, chief executive of Keystone Capital Corp. said, "I'm angered every time I see an enforcement action against a large firm with proportionately small fines, versus small firms where fines are ... exorbitant compared to their ability to pay."

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